Member Info for Newuncle

Sscss clearly being manipulated by ex directors

Kong

Wow that's an interesting take and could be right

TG are hell bent on removing lunn and who stands to gain from that. The ex directors

Is tgm being manipulated yes very likely

I know

Who not what

I will say it again

If lunn goes who have you got to replace him?

Unbelievable

There being legal and contractual obligations by the company to replace the pledged shares, which can be enforced regardless of the vote going against the company's desire to act lawfully and in good faith.

The recent General Meeting was called to request the re-issuance of pledged shares. These shares were historically owned by investors and legally pledged to the company in order that funds could be raised by the company at a time when there was insufficient headroom to issue new shares already in treasury. The resolution was defeated despite there being legal and contractual obligations by the company to replace the pledged shares, which can be enforced regardless of the vote going against the company's desire to act lawfully and in good faith. Not replacing the pledged shares also impacts the company's ability to seek support in the future.

Zag,

From last RNS issued 5 August 2025

"Furthermore, the company recently entered into a new funding agreement with USA based GEM to secure funds and evidence solvency."

"The term sheet was the preferred choice of the board but to achieve it ,a condition called for a significant number of warrants to be issued that some shareholders view as dilution."

"For clarity, the warrants are priced significantly above the yearly average share price, and it remains to be seen upon readmission what the company's share price will be."

"Despite GEM representing directly to creditors, the London Stock Exchange and funding invoices directly, the auditors are not prepared to sign off the accounts unless funds are placed into the company's bank account directly"

"GEM are engaged but have been cautious given that, historically, the company has and was unwilling or unable to settle a long outstanding debt with GEM and the company was eventually taken to court by them, resulting in a winding up order for failure to pay."

"Understandably, their risk management policy now requires direct control over all and any payments made using their funds which is not unreasonable considering their earlier experience."

Zag,

There is a potential plan but many don't want to take the medicine needed to get these back on the market because of dilution required, approx 100m shares needed to clear debts and settle the outstanding loan shares issued as guarantees against debts.

GEM have told Lunn that they could provide immediate funding but that monies must be used to sort out the outstanding loan shares.

There is the problem, too many don't want any dilution and without it then it's impossible to bring the company back.

Some still think GV will fund this, well that ship sailed last Summer so not a chance now.

Of course I will get the usual replies and claims that Lunn cannot be trusted and is scaremongering etc etc which seems to be stock response nowadays and that won't change EVER.

Good luck whatever happens

Not lunns fault that PPP defaulted on gem loans

If it wasn't for lunns petroquest shares being used as guarantors against PPP loans years ago PPP would have gone to the wall long ago. He helped PPP keep going, not his fault Evans failed to address those debts for years.

And still no one can show who would replace Lunn if they force him out?

Is it such a difficult thing to ask for that no one can answer.

It a very fundamental matter.

Can't just assume RM would step up based on evidence to date.

I thought SL was appointed by Lennigas and Evans?

Self appointed is an interesting way of putting it at least

Oh no, I posted at the same time as you NF, that means you now count as yet another of my multiple IDs on LSE BBs.

Welcome to my world

Ok that's fine but who will replace him and why?

You can't just kick out the chairman and not have a replacement lined up.

Nothing would surprise me any more history.

If no funds are provided then it is over, SL (via Petroquest) knows this, RM (via Global Ventures) know this, both are inside the tent and may well be thinking 3 moves ahead here and how to come to an arrangement for doing business if the PLC is allowed to fold.

Stranger things have happened.

Timbo,

It's the same in a number of UK plcs, UK regulation is useless and is primarily designed to protect Directors, PPP is by no means unique in that respect.

I've seen many CEOs come out with RNSs to say fully funded and no placing required due to their positive cash runway forecasts and sources of funding were good going forwards, same CEOs then oversaw shares fall and fall until they finally had to complete large discounted placings to keep the businesses going.

Re Licences/Leases

The joint venture with Globalvision has been unable to be completed in the form previously announced. The executed agreement, which had not been ratified by the board, totally ignored the intercompany debt and the secured lenders interests in all of the assets in the USA.

It also failed to reflect that the leases it was proposing to transfer either were not in place, expired, had been terminated or allowed to lapse. As the leases are not in good standing, the company has had to fully impair these assets which will be shown in the accounts once finalised. With further fundraising it is possible that some of these leases could be brought back into good standing.

Here you go, even the ft and tony Blair said it was an amazing business blah blah blah

All bs in the end

Carlton Ellington ("Carl") Cushnie is a businessman from the United Kingdom. In the late-1990s, he was estimated to be the richest black man in Europe and among the 100 wealthiest people in Britain. However his finance company, Versailles, went bust after an investigation by the Department of Trade and Industry in 1999 revealed that most of the company's trading turnover was fabricated and the company was part of a Ponzi scheme.[1] Cushnie was sentenced to six years in prison in 2004 after being found guilty of conspiracy to defraud.